Birmingham, Ala., voters Tuesday overwhelmingly approved six ballot measures authorizing $150 million of general obligation bonds.
All six questions on the ballot were approved by about 80% of voters casting ballots. Only 10% of the city’s voters went to the polls, according to the Birmingham News. The 30-year bonds will be secured by the available capacity from a dedicated city tax that can be levied up to 12 mills. Under the plan, about half of the bonds will be sold next year, and the remainder of the capacity at a later date.
Mayor William Bell and the City Council requested the referendum to fund capital projects.
Voters approved the bonds in six separate categories to provide $6.3 million for solid waste, $20 million for parks and recreation, $48.7 million for street and sidewalk improvements, $19 million for industrial park and economic development, $45 million for public building facilities and equipment, and $11 million for storm and wastewater sewers.
The mayor and City Council members still have to determine the specific projects that will be done with bond proceeds, though many have been proposed by officials and members of the public.
Birmingham has $431.7 million of outstanding bonds and warrants. The city’s GOs are rated AA by Fitch Ratings and Standard & Poor’s, and Aa2 by Moody’s Investors Service.
